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Consumer fraud is on the rise. "The FTC recently released data that shows consumers lost $8.8 billion last year to fraud, a 30% increase from the year prior," said Debt.com chairman Howard...
In a spoofing scam, you'll get an email, a text or a call that appears to come from a person or business you know, urging you to pay them through Zelle — in some cases, ironically, to protect ...
In other scams, bank customers get an email, text or call from what looks like a person or business they know, urging them to send funds through Zelle. “It’s frighteningly easy,” said Murray.
Zelle says it should fall on law enforcement to stop the scammers. Scams on payment apps like Zelle are getting so out of hand that federal authorities are starting to investigate.
Good news for Zelle users. Thanks to a major policy change that was implemented in November, banks that utilize Zelle will now refund victims of imposter scams. Early Warning Systems (EWS), which ...
• Fake email addresses - Malicious actors sometimes send from email addresses made to look like an official email address but in fact is missing a letter(s), misspelled, replaces a letter with a lookalike number (e.g. “O” and “0”), or originates from free email services that would not be used for official communications.
Zelle operates at such a large scale — $806 billion transferred in 2023 — that even a tiny percentage of scam and fraud problems translates into a large amount of money.
As the Zelle website states, “Unlike a credit card, Zelle does not offer a protection program for any authorized payments made with Zelle — for example, if you do not receive the item or the ...